{"id":19930,"date":"2020-02-06T16:35:36","date_gmt":"2020-02-06T16:35:36","guid":{"rendered":"https:\/\/smh.group\/?p=19930"},"modified":"2023-02-15T13:19:49","modified_gmt":"2023-02-15T13:19:49","slug":"a-budget-day-at-last","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/a-budget-day-at-last\/","title":{"rendered":"A Budget Day\u2026 at last"},"content":{"rendered":"\n

In early January Chancellor announced a new Budget date: 11 March 2020. <\/strong><\/strong><\/p>\n\n\n\n

This could be a significant Budget. Traditionally, the first Budget of a\nnew Parliament is when the Chancellor delivers the medicine of tax increases\nand\/or unpopular reforms. To borrow from Macbeth: \u2018If it were done when \u2018tis\ndone, then \u2018twere well it were done quickly\u2019\u2026that way the electorate has over\nfour years to forget.<\/p>\n\n\n\n

If you\u2019re struggling to remember what happened in Budget 2019, you\nhaven\u2019t forgotten. Unusually, in 2019 there was no Budget. There was a Spring\nStatement in March 2019 from Philip Hammond, but the general election call forced his\nsuccessor, Sajid Javid, to abandon the planned Autumn Budget set for 6\nNovember. During the election campaign the Conservative party said that the\nBudget would be revealed in February, but this date shifted again in the new\nyear when the Chancellor announced a date of 11 March. <\/p>\n\n\n\n

We already know a good proportion of what the Chancellor will announce, as draft legislation was published eight months ago in anticipation of the cancelled Autumn 2019 Budget. The contents will almost certainly include controversial legislation to strengthen the operation of off-payroll working rules (IR35)<\/a><\/span><\/strong> in the private sector, possibly with some amendments following the government\u2019s last minute review, \u00a0as well as \u00a0tighter rules on the capital gains tax treatment of main residences<\/a><\/span><\/strong>. Both are due to take- effect from 6 April 2020. <\/p>\n\n\n\n

Ahead of the Budget, the government confirmed at the end of January a\n\u2018tax cut\u2019 mentioned in the Conservative party manifesto, of an increase in the\nstarting point for national insurance contributions (NICs) from the current\n\u00a38,632 to \u00a39,500 a year \u2013 a maximum saving of \u00a32 a week. <\/p>\n\n\n\n

The Budget unknowns include what the Chancellor might do about pensions\ntax relief. He already faces a growing problem with the impact of the annual\nallowance on NHS senior staff, which has been fixed temporarily, but only until\nApril. There are already calls for the Chancellor to overhaul the system, something\nhe could do while simultaneously raising more revenue. <\/p>\n\n\n\n

One consequence of the Budget date is that any year end tax planning<\/a><\/span><\/strong> \u2013 especially on the pension front \u2013 now potentially has a deadline date of 10 March. <\/p>\n\n\n\n

If you would like to start planning for the new tax year, contact our Financial Services<\/a><\/span><\/strong> team on 0114 266 4432<\/strong> or info@smhca.co.uk<\/a><\/span><\/strong><\/p>\n\n\n\n

Tax laws can change. The Financial Conduct Authority does not regulate\ntax advice.<\/em> <\/em>The value of your investment can go down\nas well as up and you may not get back the full amount you invested. Past\nperformance is not a reliable indicator of future performance.<\/em><\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

In early January Chancellor announced a new Budget date: 11 March 2020. <\/p>\n","protected":false},"author":4,"featured_media":18381,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3,16],"tags":[465,69,294,182,451,77,58,185,458,382,14],"class_list":["post-19930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","category-financial-services","tag-budget-2020","tag-capital-gains-tax","tag-cgt","tag-chancellor-of-the-exchequer","tag-conservatives","tag-financial-planning","tag-financial-services","tag-ir35","tag-off-payroll","tag-residential-property","tag-tax-planning"],"acf":[],"yoast_head":"\nA Budget Day\u2026 at last - SMH Group<\/title>\n<meta name=\"description\" content=\"In early January Chancellor announced a new Budget date: 11 March 2020.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Budget Day\u2026 at last - 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